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WIEF calls on govts to promote Islamic financing
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Finance Minister Sri Mulyani (left) speaks at the 12th World Islamic Economic Forum in Jakarta on Aug. 4. (JP/Ayomi Amindoni)
F
inance Minister Sri Mulyani has lamented a lack of knowledge on Islamic financial products and urged governments and financial firms around the world to appreciate the long-term prospects offered by halal-related industries.
At the closing ceremony of the 12th World Islamic Economic Forum (WIEF) held at the Jakarta Convention Center on Thursday, Sri stressed the opportunity to finance long-term infrastructure development through asset-backed securities.
"The forum also calls on authorities and policymakers to promptly develop regulations and incentives to establish a long-term infrastructure pool of funds to bridge the gap between demand and supply in Islamic financing for infrastructure," Sri said.
“There is also a need for greater collaboration between grassroots businesses, like garment manufacturers and food sellers, and mainstream industries to foster innovation," she said. The Islamic fashion and food industries could benefit from such collaboration and reach a higher level.
At the same occasion, WIEF Foundation chairman Tun Musa Hitam, recollecting the year 2005 when the foundation started the forum with only about 400 participants, said he regarded the forum as highly successful today. The 12th WIEF was attended by some 2,500 delegates from 69 countries.
